May 4, 2012 / 2:28 PM / 7 years ago

Fitch revises Chesapeake's outlook to negative, affirms ratings

Chesapeake Energy Corporation's 50 acre campus is seen in Oklahoma City, Oklahoma, on April 17, 2012. REUTERS/Steve Sisney

(Reuters) - Fitch Ratings revised Chesapeake Energy Corp’s (CHK.N) ratings outlook to negative, but maintained the company’s current default rating at BB, Fitch said on Friday.

“The revised Outlook stems from a still aggressive capital spending program for 2012 in a very weak natural gas environment,” Fitch said in a statement. The ratings agency added that “corporate governance and board of director oversight” remains a concern.

Shares were lately up 20 cents, or 1.2 percent, to $17.39 a share.

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